Estate Planning Midterm 2026
Exam Questions and Verified
Answers | Already Graded A
What is the definition of estate planning? - 🧠 ANSWER ✔✔Planning the
future management of your health, personal responsibilities, and property
(T/F) Creditors have no right to recover money the decedent owes them
from the decedent's estate, but can collect from the legatees of the
decedent's will after the estate is closed. - 🧠 ANSWER ✔✔False
,Creditors have to collect from the estate
Probate is: - 🧠 ANSWER ✔✔the process through which the state
determines the control of property owned by someone who can't speak for
it- death and incapacity
Financial Planners must know how any form of ownership effects their
client's: - 🧠 ANSWER ✔✔Probate Estate
Transfer tax burden
Income tax burden, including capital gains
Joint Tenancy with Right of Survivorship is helpful to: - 🧠 ANSWER
✔✔Avoid probate
The personal representative/administrator - 🧠 ANSWER ✔✔Takes control
of the decedent's assets and inventories and appraises them for the court
Pays the valid debts and claims of the decedent
After debts are paid, with the courts consent, distributes the rest if the
estate property according to the terms of the will or the laws of intestacy
, (T/F) The court will require the personal representative to acquire a surety
bond only when the decedent has called for it in the will - 🧠 ANSWER
✔✔False
It is required unless the decedent has it does not have to be in the will.
What is the applicable exclusion amount for 2022? - 🧠 ANSWER ✔✔$12.06
million
What is consideration? - 🧠 ANSWER ✔✔the value given in return for a
promise
Elements of a gift - 🧠 ANSWER ✔✔1) Intent to make gift
2) Full competence
3) Donee must accept
4) Donee takes delivery
5) Donor parts with dominion and control
Annual Gift Tax Exclusion - 🧠 ANSWER ✔✔$16,000 (2022)
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2026. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
Exam Questions and Verified
Answers | Already Graded A
What is the definition of estate planning? - 🧠 ANSWER ✔✔Planning the
future management of your health, personal responsibilities, and property
(T/F) Creditors have no right to recover money the decedent owes them
from the decedent's estate, but can collect from the legatees of the
decedent's will after the estate is closed. - 🧠 ANSWER ✔✔False
,Creditors have to collect from the estate
Probate is: - 🧠 ANSWER ✔✔the process through which the state
determines the control of property owned by someone who can't speak for
it- death and incapacity
Financial Planners must know how any form of ownership effects their
client's: - 🧠 ANSWER ✔✔Probate Estate
Transfer tax burden
Income tax burden, including capital gains
Joint Tenancy with Right of Survivorship is helpful to: - 🧠 ANSWER
✔✔Avoid probate
The personal representative/administrator - 🧠 ANSWER ✔✔Takes control
of the decedent's assets and inventories and appraises them for the court
Pays the valid debts and claims of the decedent
After debts are paid, with the courts consent, distributes the rest if the
estate property according to the terms of the will or the laws of intestacy
, (T/F) The court will require the personal representative to acquire a surety
bond only when the decedent has called for it in the will - 🧠 ANSWER
✔✔False
It is required unless the decedent has it does not have to be in the will.
What is the applicable exclusion amount for 2022? - 🧠 ANSWER ✔✔$12.06
million
What is consideration? - 🧠 ANSWER ✔✔the value given in return for a
promise
Elements of a gift - 🧠 ANSWER ✔✔1) Intent to make gift
2) Full competence
3) Donee must accept
4) Donee takes delivery
5) Donor parts with dominion and control
Annual Gift Tax Exclusion - 🧠 ANSWER ✔✔$16,000 (2022)
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2026. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
